Paramount Puts Ellison's Personal Billions on the Line in WBD Bidding War

Paramount has amended its hostile takeover offer for Warner Bros. Discovery, reinforcing its $30-per-share bid with a $40.4 billion personal guarantee from Oracle founder Larry Ellison to counter a rival deal from Netflix.

• An offer you can't refuse: The move directly counters the WBD board’s charge that the initial proposal’s financing was “illusory.” Paramount confirmed in an amended filing Monday that Ellison’s personal guarantee now backs the deal’s equity, a play designed to force WBD to reconsider.

• Upping the ante: The revised proposal also brings the regulatory breakup fee to $5.8 billion, putting it on par with Netflix’s terms. "Our $30 per share, fully financed all-cash offer... continues to be, the superior option to maximize value for WBD shareholders," CEO David Ellison said in a statement. The renewed push comes after WBD’s board had already accepted an $82.7 billion offer from Netflix for only its studio and streaming divisions.

• Winning them over: Paramount still has to win over shareholders. As of last Friday, only around 400,000 of WBD’s 2.4 billion outstanding shares had been tendered for the acquisition. The company has pushed its deadline to January 21, 2026, to give investors more time to weigh the newly-sweetened deal.

By putting Ellison's personal fortune on the line, Paramount has stripped away the WBD board's primary financial objections. The focus now shifts squarely back to the board to justify why it shouldn't take the higher all-cash offer.